The global silicones
market was valued at around US$ 13,700 Mn in 2017 and is
anticipated to expand at a CAGR of more than 5.0% from 2018 to 2026, according
to a new report by Transparency Market Research (TMR) titled ‘Silicones
Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast,
2018–2026.’ Silicones can be defined as a family of
high-performance specialty materials. These polymers with large molecules
consist of many repeated sub-units. Silicones are used in a wide range of
industries due to their favorable physical and chemical properties. For
instance, they are resistant to ultraviolet radiation, cold, heat, moisture,
and several chemicals. They also provide insulation and long-term elasticity.
Market
Driven by Rise in Manufacture of Electric and Electronic Products in Asia
Pacific
Several
countries in Asia Pacific are leading manufacturers and exporters of electric
and electronic products. China’s share of the global export of Information and
Communication Technology (ICT) goods stands at approximately 31%. Electronic
products account for more than 50% share of exports in the Philippines.
Electric machinery and equipment rank among the top exports of Thailand.
Malaysia’s manufacturing efforts are focused on the semiconductor ecosystem.
Production of electronics and hardware is still at the nascent stage in India.
On the other hand, Indonesia is a major consumer of electric and electronic
products in ASEAN. Silicones are primarily employed in products such as
television sets, refrigerators, and mobile phones. Silicones is used in these
products in the form of fluids, elastomers, and resins.
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Uncertainties Associated with Raw
Material Supply Adversely Affect Long-term Growth of Silicones Market
Supply and
prices of raw materials of silicones depend upon several factors such as
currency exchange rates, environment protection measures, and energy costs.
China is an important manufacturer and provider of raw materials in the
silicones market. However, often, market players based in the country are
unable to meet the environment protection regulations. Hence, they need to
frequently stop production during government investigation and restart it once
it is over. This creates temporary shortage of raw materials in the market,
resulting in increased prices. Companies manufacturing silicones bear some
portion of increased raw material prices, while the rest is passed on to
customers. However, these shortages of raw materials and associated rise in
prices of silicones are difficult to predict. As a result, silicone
manufacturers are unable to take pre-emptive actions or secure themselves
against the shortage of supply. This adversely affects the ability of silicone
manufacturers to plan for long-term.
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Silicon Used in Wide Range of
Components in Automobiles, Marine Vessels, and Aircraft
The
transportation industry comprises segments such as automobiles, marine vessels,
aircraft, railways, and other modes of transport such as bicycles and drones.
The industry has been expanding consistently. It provides stable revenue
generation opportunities. The transportation industry accounted for more than
10% share of demand for silicones in 2017. Consumption of silicones in the
industry is expected to increase at a rapid pace, as new applications of
silicones are being consistently developed. Silicones are used in the
manufacture of a wide range of components such as airbags, ignition coils,
engine seals, gaskets, turbocharge hosing, radiator seals, and hoses in car or
automobile manufacturing; windscreens, deck cleats, storage hatches, bilge pump
seals, and hull/deck seals in marine vessel manufacturing; and instrument seals
and electronic component potting, sealants for in-flight entertainment systems,
lighting, overhead bins, fuel tanks, and hydraulic gear boxes in aircraft
manufacturing.
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Global Silicones Market Segmented
Based on Form, Application, End-user Industry, and Region
In terms of
form, the global silicones market can be divided into fluids, elastomers, and
resins. The elastomer segment is likely to expand at a rapid pace during the
forecast period, as these are employed in a wide range of industries such as
consumer goods, transportation, electrical & electronics, and construction.
Based on application, the market can be segmented into rubber, coatings, emulsions,
sealants, and others. The rubber segment is expected to expand at a faster pace
during the forecast period, primarily due to the ease of use associated with
the application. In terms of end-user industry, the silicones market can be
segregated into consumer goods, construction & architecture,
transportation, energy, electrical & electronics, paper, textiles, and
others. The construction & architecture industry is anticipated to expand
at a fast rate during the forecast period, followed closely by transportation.
In terms of region, the market can be classified North America (U.S. and
Canada), Latin America (Brazil, Mexico, and Rest of Latin America), Europe
(Germany, the U.K., France, Italy, Spain, Russia & CIS, and Rest of
Europe), Asia Pacific (China, India, Japan, ASEAN, and Rest of Asia Pacific)
and Middle East & Africa (GCC, South Africa, and Rest of Middle East &
Africa).
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Top Few Players Account for Nearly
50% Share of Global Silicones Market
Key players
operating in the global silicones market include Wacker Chemie AG, DowDuPont,
Momentive Performance Materials Inc., Evonik Industries, and Shin-Etsu Chemical
Co. Ltd. These companies constitute around 50% share of the market. Local and
regional players in various countries capture the rest of market share.
Companies are focusing on expanding their geographical footprint through
organic sales, distribution channels, and e-commerce.
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